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Interest granted u/s 28 of the Land Acquisition Act on enhanced compensation or compensation awarded by the reference court u/s 18, from the date of land possession till the High Court judgment, is part of compensation and cannot be taxed due to amendments by substitution of Section 145A read with clause (iii) of Section 56(2). The interest received u/s 28 would not fall within the expression 'interest' envisaged in Section 145A(b), and the amendments to Sections 145A and 56(2) are inapplicable. The Assessing Officer's order and CIT(A)'s confirmation were unjustified. The assessee's grounds were allowed.
Interest granted u/s 28 of the Land Acquisition Act on enhanced compensation or compensation awarded by the reference court u/s 18, from the date of land possession till the High Court judgment, is part of compensation and cannot be taxed due to amendments by substitution of Section 145A read with clause (iii) of Section 56(2). The interest received u/s 28 would not fall within the expression 'interest' envisaged in Section 145A(b), and the amendments to Sections 145A and 56(2) are inapplicable. The Assessing Officer's order and CIT(A)'s confirmation were unjustified. The assessee's grounds were allowed.
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